Finance workers pay most tax

Individuals working in the financial services sector accounted for the largest share of income tax payments made via PAYE in 2016-17, the seventh year in a row that finance workers have topped the list according to HMRC data

HMRC publishes an annual table showing the percentage distribution of income tax deducted from pay by industry.

Financial and insurance activities accounted for 16.8% of income tax totals in 2014-15, falling to 16.6% in 2015-16 and increasing to 17.1% in 2016-17.

The second biggest contributor was the professional, scientific and technical activities sector which accounted for 11.3% of tax in 2014-15, increasing to 12.2% in 2015-16 and staying at 12.2% in 2016-17.

Motor vehicle and motorcycle wholesalers and retailers came third, accounting for 10.3% in 2014-15 and 2015-16, increasing slightly to 10.4% in 2016-17.

The sector whose employees made the smallest tax contribution was agriculture, forestry and fishing, responsible for just 0.3%. 

Income tax deducted from pay is here

Report by Pat Sweet

Be the first to vote